Are people actually required to file IRS Form 8300 (transactions over 10K)? The instructions and throughout the form it says for transactions related to a “trade or business” but I don’t see a Paperwork Reduction Act or Privacy Act notice anywhere, citing a law that “requires” people to file.

Under common tax law (being the “law” the average tax preparer and tax attorney will tell you), how do you report transactions under $10K?

Also, are there any pragmatic approaches to IRS Form 8300? Can you file, saying “I don’t have a ‘Trade or Business’”? Do you tell the banker? Are there special words you use when they audit you?

dab Answered question February 26, 2024